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BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 26, 2019

WhatsApp to Offer Start-ups in India with $250,000 Worth of Facebook ad Credits

  •  Messaging giant WhatsApp will provide 500 DPIIT-approved start-ups with USD 500 (around Rs. 35,840) each of Facebook ad credits, a move aimed at helping Indian entrepreneurs connect with customers and grow their businesses.
  • With the ad credits, the start-ups can create ads that invite customers to click to open a chat on WhatsApp so they can deepen connections and increase sales.
  • The announcement comes after the Start-up India-WhatsApp Grand Challenge under which facebook-owned company had awarded a grant worth USD 50,000 (about Rs. 35 lakh) each to five entrepreneurs who have developed India-specific solutions with socio-economic impact.

WhatsApp to Offer Start-ups in India with $250,000 Worth of Facebook ad Credits

  •  Messaging giant WhatsApp will provide 500 DPIIT-approved start-ups with USD 500 (around Rs. 35,840) each of Facebook ad credits, a move aimed at helping Indian entrepreneurs connect with customers and grow their businesses.
  • With the ad credits, the start-ups can create ads that invite customers to click to open a chat on WhatsApp so they can deepen connections and increase sales.
  • The announcement comes after the Start-up India-WhatsApp Grand Challenge under which facebook-owned company had awarded a grant worth USD 50,000 (about Rs. 35 lakh) each to five entrepreneurs who have developed India-specific solutions with socio-economic impact.

Jio, Airtel Submit Bids for RCom's Assets

  • Reliance Jio Infocomm Ltd and Bharti Airtel Ltd submitted bids for assets of bankrupt Reliance Communications Ltd (RCom) and its two units.
  • Airtel and Bharti Infratel, which had earlier bid together for RCom, are likely to have bid jointly again. That bid was withdrawn in protest against the deadline extension made on the request of Reliance Jio.
  • China Development Bank, Life Insurance Corp. of India, State Bank of India, Exim Bank of China and Bank of Baroda are among the 41 creditors to the beleaguered Anil Ambani group company. According to information available on the company's website, it owed financial creditors Rs. 49,193.46 crore at the time of being taken to bankruptcy court in May 2018.
  • The company's subsidiaries are Reliance Telecom Ltd and Reliance Infratel Ltd. They owe financial creditors Rs. 24,306.27 crore and Rs. 12,687.65 crore, respectively. Reliance Communications thus owes debtors Rs. 86,187.58 crore at a consolidated level. This is besides Rs. 28,837 crore it owes to the department of telecommunications (DoT) in spectrum dues and other charges as well as the amounts it has to pay its operational creditors.

Louis Vuitton acquires US Jeweller Tiffany

  •  Louis Vuitton SE, also known as LVMH, and US jewellers Tiffany announced a $16.2-billion tie-up that is the French luxury group's biggest-ever acquisition and will bolster its presence in the US. The deal comes after LVMH spent more than a month wooing Tiffany, the most iconic of US luxury brand known for its wedding rings and diamonds.
  • The companies have entered into a definitive agreement whereby LVMH will acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately 14.7 billion euros or $16.2 billion. The deal adds Tiffany to LVMH's extensive stable of luxury brands that include Louis Vuitton, Dior and Moet & Chandon and will strengthen its position in the jewellery sector.

Nov 25, 2019

Credit Saison Launches VC Fund in India

  •  Japanese financial services firm Credit Saison has launched its venture capital fund in India, a month after the Tokyo Stock Exchange-listed company's subsidiary received a non-banking financial services licence from the Reserve Bank of India. Saison Capital, a $55 million sector-agnostic, early-stage venture capital fund, will write cheques of $500,000 to $1 million, investing in six to eight startups.
  • The fund is targeting opportunities across the broader financial technology, agriculture, supply chain optimisation and human resources solutions sectors, among others. The launch of Credit Saison's VC fund is the latest by a Japanese risk capital investor in India, for whom Asia's third-largest economy has been a happy hunting ground.

Salcomp Buys Nokia's Defunct Chennai Plant

  •  Salcomp, one of Apple's major component suppliers, has bought Nokia's defunct handset factory near Chennai for close to $30 million (₹215 crore), setting the stage for the revival of the plant that was shut down in late 2014.
  • Salcomp is expected to begin operations at the plant by March 2020, and ramp up exports from there to about $2 billion by investing $300 million over the next five years, said a person familiar with the matter.
  • Once fully functional, the new unit is expected to generate employment for close to 10,000 people, another person said. Salcomp currently operates two units in the same special economic zone in Sriperumbudur where it employs close to 7,000 people.
  • Salcomp's acquisition of the handset manufacturing plant — it was once the world's largest, producing 100 million handsets a year and employing some 12,000 people — coincides with iPhone maker Apple's strategy to expand production in India for the local and global markets. Apple is gradually shifting away from China amid the Sino-US trade war. The American company sources chargers from Salcomp, which is the largest player globally and which has made India a huge base over the past few years.

Govt Plans to Scrap Ecomm 'Gifts'

  •  The government is considering amending its rules to completely remove the provision under which citizens can receive duty-free 'gifts and samples' valued at under ₹5,000 from overseas, after finding its rampant misuse by Chinese ecommerce vendors. 
  • The Central Board of Indirect Taxes and Customs (CBITC), which formulates policy concerning levy and collection of customs, was considering a cap on the number of gifts an individual can receive, but has decided against it given the complexity in its implementation.
  • All the three major express cargo ports in Mumbai, Delhi and Bengaluru, which constitute 90% of such imports, had blocked clearance of gifts. Other ports were also notified to ensure Chinese ecommerce vendors did not shift their base, but no such phenomenon has been seen.
  • While the board's action againstimports through the gift channel has been largely tackled, another route for imports has opened up. Firms have been found to be acting as intermediaries between customers and Chinese ecommerce companies, to avoid paying higher duties that personal imports attract.

Oyo, Apax Runs for Significant Stake in CCD

  • SoftBank-backed hospitality chain Oyo and British private equity firm Apax Partners have joined the race to buy a significant stake in Café Coffee Day (CCD). 
  • Both Oyo and Apax have signed nondisclosure agreements (NDAs) with Coffee Day Enterprises (CDEL) and have initiated discussions to buy the group's coffee business. KKR, TPG Capital and Bain Capital have also signed similar agreements with CDEL and are in the race to buy CCD.

Truecaller to Enter Credit Biz 

  •  Truecaller plans to use its payments platform to foray into credit business early 2020, turning it into a complete fin-tech company.
  • Truecaller is becoming a "superapp", providing a spectrum of services to its consumers. 

Paytm Gets $1 billion Topup

  •  Digital payments company Paytm said it has raised $1 billion in a financing round led by US asset manager T Rowe Price with existing investors Ant Financial and SoftBank Vision Fund also participating. This is the largest amount raised by an Indian startup in 2019. The company said this values it at close to $16 billion. Discovery Capital, an existing shareholder in the Noida-headquartered firm, also took part in the latest funding round.
  • Paytm had last raised $300 million from Warren Buffett's Berkshire Hathaway in September 2018, valuing the company at $10 billion. This is the first primary investment round since then. However, over the course of this year, the company has cashed out employee stock options at a $16 billion valuation.

Zomato Frontrunner to Acquire UberEats

  •  Uber has put its India food delivery business on the block again with an asking price of around $500 million with Zomato emerging as the frontrunner.
  • The final deal size for UberEats may change but the current round of negotiations involves a stock deal for the business and Uber may also invest in the Gurgaon-based online food delivery and restaurant discovery platform's ongoing $500-600 million round.
  • While discussions with Chinese payments major Ant Financial-backed Zomato have been going on for several weeks, Uber has also sent feelers to rival Swiggy more recently but those talks are yet to take shape.
  • UberEats is a distant third in the Indian food delivery market with 250,000-300,000 orders a day in the country, as compared to 2-2.5 million by Swiggy and Zomato, both of whom have claimed leadership.

L'Oréal to Acquire Beauty Brands in India

  •  L'Oréal is actively looking at acquiring Indian beauty brands and startups in the beauty-tech space. Chairman Jean Paul Agon  said that the India unit has been one of the top three fastest growing L'Oréal subsidiaries in the past two years. 
  •  In order to look at startups, L'Oreal have invested in Fireside Ventures, an early-stage investment fund focused on Indian consumer brands.

Nov 24, 2019

Amazon Sues US Over Loss Of Pentagon Cloud Deal To Microsoft

  •  Amazon.com Inc. filed a lawsuit challenging the Defense Department's choice of rival Microsoft Corp. for a Pentagon cloud-computing contract worth as much as $10 billion.
  • The lawsuit, which was filed under seal in the U.S. Court of Federal Claims in Washington, marks Amazon's most aggressive push to defend its competitive edge in the lucrative and cutthroat world of federal government contracts.
  • Amazon previously said it planned to formally protest its loss of the Pentagon's Joint Enterprise Defense Infrastructure, or JEDI, cloud contract because the evaluation process was deficient.

Titan & Nestle India To Enter Sensex; YES Bank, Tata Motors Exit

  •  YES Bank, Vedanta, Tata Motors and Tata Motors DVR will exit benchmark Sensex to make way for Titan Company, UltraTech Cements and Nestle India.
  • The changes will be effective December 23, 2019 Asia Index said. Asia Index is a 50-50 partnership between S&P Dow Jones Indices and the BSE.
  • The index provider will also exclude Glenmark Pharma, Cadila Healthcare and Edelweiss Financial Services from S&P BSE 100 index and add InterGlobe Aviation, Info Edge (India) and SBI Life Insurance.
  • The company has also affected nine changes to BSE 500 and three to the BSE 200. It will add Syngene International, Thermax and Gujarat Gas in the BSE 200 index and exclude Graphite India, HEG and Indiabulls Ventures from the index.

15th Finance Commission Chairman n k Singh Calls For Major Changes In GST Structure

  •  The 15th Finance Commission Chairman N K Singh has called for major changes in the GST structure, including reducing the complicated procedures and also doing away with frequent rate changes, to improve collection. He also pitched for rationalization of Centrally- sponsored schemes. 
  • Speaking at an event in RBI headquarters in Mumbai, Singh said the commission has visited nearly all the states in the run-up to the preparation of its report and that many of them have complained that the fiscal autonomy has been circumscribed by GST.

Nov 23, 2019

RBI Fast-tracks DHFL Resolution, Appoints Advisory Panel

  •  After superseding the board of the crippled mortgage lender DHFL, the Reserve Bank constituted a three-member panel to advise its administrator to help recover nearly Rs 84,000 crore that the troubled company owes to the system.
  • The panel constitutes a veteran banker, the head of a leading insurer and also representation from a lobby grouping of asset managers.
  • The panel will be assisting the administrator in "discharge of his duties", it added.
  • The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for appointing such a panel to advise the administrator "in the operations of the financial service provider during the corporate insolvency resolution process", it said.

Tax Department Launches Web Portal for Exchange of Information

  •  The tax department has launched a portal that will provide information, including about procedures, related to automatic exchange of information under common reporting standard. Central Board of Direct Taxes (CBDT) Chairman P C Mody inaugurated the web portal on Income Tax website.
  • India is committed to exchange financial account information automatically from 2017 under the Common Reporting Standard (CRS) on AEOI, the CBDT said in a release.
  • Information is reported annually by financial institutions which are then exchanged by India under the standard.
  • The web portal will be a repository of policy and technical circulars, guidance and notifications issued by the CBDT, and provide links to relevant circulars and guidance issued by the regulatory authorities and other international bodies.

Muthoot Finance to Buy IDBI AMC, Foray into Mutual Fund Space

  •  Muthoot Finance said it will acquire IDBI Asset Management for ₹215 crore to enter mutual fund space.
  • The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020.
  • Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over ₹5,300 crore.
  • The fund house runs 22 schemes with robust asset base across products, geography and investors.

RBI Enhances Scope of Non-resident Rupee Accounts

  •  To popularise cross-border transactions in Indian rupee, the Reserve Bank has enhanced the scope of 'Special Non-resident Rupee' (SNRR) by allowing persons residing outside India to open such accounts for purposes like external commercial borrowing and trade credit in INR.
  • Other purposes for allowing such a move are for export or import invoicing and business related transactions outside International Financial Service Centre, all in INR.

Nov 22, 2019

Reliance Industries Overtakes BP Plc To Become World's 6th Largest Oil Company

  •  Mukesh Ambani-led Reliance Industries has overtaken BP Plc to become the sixth-largest energy company in the world.
  • The conglomerate is now valued at $138 billion. It overtook the British energy giant's $132 billion at the close of trading.
  • Reliance Industries' shares have increased at thrice the pace of India's benchmark index following an announcement by Ambani to cut the company's net debt to zero in 18 months.
  • He said stake sale in the oil-to-chemicals business to Saudi Aramco would be one of the measures to this end.
  • The sixth largest oil company in the world is ranked behind Exxon Mobil that's on top of the list with a market value of $290 billion.
  • However, Saudi Aramco's plans of initial public offering with a valuation target of between $1.6 trillion and $1.7 trillion, could topple Exxon as the largest oil company.

RBI Puts DHFL Board Under Administrator

  •  The Reserve Bank superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments.
  • The central bank has also appointed R Subramaniakumar, the ex-managing director of Indian Overseas Bank as the administrator of the third largest pureplay mortgage lender.
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